Marketing research insurance program Essay Example | Topics and Well Written Essays - 1250 words

Marketing research insurance program - Essay Example The research aims at assessing the potential of proposed insurance program by garnering data from the target audience. The research approach and data collection methods would further highlight the research objective. Primary research method has been favored to achieve the objective of the research as it would offer current information and understanding. Research Approach The research is based on offering a new and innovative insurance program to elder people who find it difficult to manage their finances and time. As per the current Elder Shield plan, insured people would get $300 per month for a maximum period of 5 years and $400 for a maximum period of 6 years. The new insurance program would offer the same benefits along with wide arrays of physical and mental activities that would offer great results in the short as well as in the long run. Moreover, for each referral, there would be certain rewards and awards that would further motivate and influence people to insure their life and health along with spreading the message in a positive manner. There is no denying that elder people are more prone to injuries and health issues and thus this insurance plan would try to help them regain their health through physical and mental activities. This can also be considered as a noble cause by taking care of the elder people along with making their life exci ting and problem free. As per the statistics of the United States Department of Labor, around 20% of the retirement income is attributed to health expenses that can be considered as quite high (United States Department of Labor, 2011). Moreover, basic Elder Shield Plan offers $300 per month for a maximum period of five years that can be considered as good enough to meet health demands. This insurance plan would help in engaging retired people in physical activities like golf and Taichi along with few mental activities like chess and emotional intelligence games. This insurance plan would also help in saving more money as people who are healthy and fit tend to spend less on health problems. This statement can only be considered as a valid one once views and opinions of the respondents confirm it. However, there is no denying that garnering personal opinions and offering wide arrays of information to the respondents would help in achieving the research objectives in a desired manner. Research Design Research design plays an important role in achieving desired results pertaining to the research. Research designs are classified as explanatory, descriptive and casual with distinctive features. Explanatory design is useful in analysing secondary data as it determines the hypotheses that can be tested. Descriptive design is based on primary data collection methods favoring quantitative analysis. It also examines the association and relationship with wide arrays of variables. In this particular research paper, descriptive and explanatory designs have been preferred as explanatory design helped in examining the hypotheses through secondary data and information while descriptive design would help in understanding the utility of introducing new and innovative insurance plan for retired people. There is no denying that descriptive design is time consuming and often a cumbersome task but the validity and reliability of